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Essays on Banking and Liquidity
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| 자료유형 | 학위논문 |
|---|---|
| 서명/저자사항 | Essays on Banking and Liquidity. |
| 개인저자 | Galluzzi, Alessio. |
| 단체저자명 | University of California, Los Angeles. Economics 0246. |
| 발행사항 | [S.l.]: University of California, Los Angeles., 2019. |
| 발행사항 | Ann Arbor: ProQuest Dissertations & Theses, 2019. |
| 형태사항 | 107 p. |
| 기본자료 저록 | Dissertations Abstracts International 81-04A. Dissertation Abstract International |
| ISBN | 9781085655262 |
| 학위논문주기 | Thesis (Ph.D.)--University of California, Los Angeles, 2019. |
| 일반주기 |
Source: Dissertations Abstracts International, Volume: 81-04, Section: A.
Advisor: Weill, Pierre-Olivier. |
| 이용제한사항 | This item must not be sold to any third party vendors. |
| 요약 | The money supply composition has shifted towards liquid securities created by financial intermediaries. However, the recent financial crisis has highlighted the fragility of this source of liquidity.Therefore, in the first chapter I create a model where currency, safe liabilities and risky liabilities all provide liquidity services. During normal times, intermediaries are able to fully satiate the demand for liquidity. This corresponds to a large drop in liquidity supply during a crisis because of the defaults from risky liabilities. Nevertheless, a welfare maximizing planner would like to reduce or eliminate these changes in the supply of liquid asset. Liquidity and capital requirements can restore efficiency, but they are sensitive to calibration and may be ineffective when analyzed individually.In the second chapter, I document some recent trends in the financial industry. Bank holding companies have deleveraged their balance sheets, while increasing the amounts of issued deposits. These trends are particularly strong among the largest U.S. banks, while smaller ones have a balance sheet that resembles a textbook commercial bank. I then calibrate the model presented in the first chapter using bank level data. The calibrated equilibrium shows how the structure of the financial sector is unresponsive to changes in the monetary policy target rate. |
| 일반주제명 | Economics. Economic theory. Banking. |
| 언어 | 영어 |
| 바로가기 | 
: 이 자료의 원문은 한국교육학술정보원에서 제공합니다. |
